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Guvera postpones AGM because it can’t pay its auditors

By | Published on Tuesday 6 December 2016

Guvera

So, how’s streaming service Guvera doing following its abandoned IPO and the resulting putting of two subsidiaries into administration and total shutdown in various markets including home country Australia? Shall we ask the firm’s auditors?

Erm, no. Accountancy firm EY seemingly hasn’t been paid, so is refusing to do any counting. “Ernst & Young will not perform the audit until outstanding invoices are paid and Guvera Limited currently does not have the funds to make the payment”, the digital music company told the Australian Securities And Investments Commission last week.

According to The Courier-Mail, Guvera confirmed its auditors were awaiting payment while asking the ASIC for permission to postpone its annual general meeting for investors until next year, an AGM having been expected to take place last month.

It was Company Secretary Ken Hostland who requested the postponement, in what was seemingly his last act for the business before resigning from that post. The last time Guvera co-founder and CEO Claes Loberg commented on his company’s cash flow woes he said the firm was still awaiting a multi-million refund from the Australian tax authority, which may or may not be still pending, and which may or may not get the accountants back on side.

Though, all things considered, I’m not sure we need any auditor’s report to tell us how streaming service Guvera is doing following its abandoned IPO and the resulting putting of two subsidiaries into administration and total shutdown in various markets including home country Australia, do we?



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